Asked by
Flash Family
on Dec 11, 2024Verified
Refer to Table 2-3. The opportunity cost of 1 pound of potatoes for the rancher is
A) 5 hours of labor.
B) 4 hours of labor.
C) 5/4 pounds of meat.
D) 4/5 pound of meat.
Production Possibilities
A graphical representation showing the maximum quantity of goods and services that can be produced using limited resources to the fullest extent.
Opportunity Cost
The act of losing potential gains available through other choices upon selecting one option.
Rancher
A person who owns or manages a ranch, where livestock such as cattle or sheep are raised for meat or wool.
- Grasp the role of opportunity cost in economic decisions.
Verified Answer
EA
Learning Objectives
- Grasp the role of opportunity cost in economic decisions.